How Soon Can I Buy Another Home After A Short Sale?


How Soon Can I Buy Another Home After A Short Sale?

I receive this question a lot. “I am upside down and need to move. I would like to buy another home. Can I do that?” they asked me.

Today they can. FHA (the Federal Housing Administration) has a new program that enables you to short sale your existing home and buy a new home right afterwards.

ImageDiscover how other sellers successfully completed a short sale and request a free consultation by clicking here *http://www.isellyourfloridahome.com/#!contact/c15n8

The home you purchase would have to meet FHA’s standard lending guidelines. FHA is a great mortgage program.

In fact, more people buying a home in today’s market are getting an FHA loan.

Here is what you would need to do to participate in the program:

1. Determine if you qualify to participate in the program. We have been told that you will need the following.

(Guidelines can change at any time, so make sure you check them with a Mortgage Professional familiar with the program.)

A. A 640 FICO credit score or better.

B. You must be current on all installment payments and your mortgage.

C. No bankruptcy or foreclosure on your credit in the last 7 years.

D. The home you are purchasing must be inferior to the one you are selling. I don’t know the exact guidelines, but I think it means it is a smaller home, or it has less bedrooms or a lower price.

E. You will need the 3.5% down payment for the new purchase.

2. Continue making your mortgage payments each month.

3. Talk to a Mortgage Professional and fill out FHA’s Short Sale and Buy Application.

4. Get pre-approved for your next home loan.

5. Put your home on the market with a licensed short sale realtor.

6. Once the short sale is approved, then you can start looking at other homes.

7. Close on selling your home and on purchasing the new property.

All in all it seems pretty simple. The key is to make sure they you are approved for the loan on the next home before you sell your existing home. Thinking about a short sale?

Find out how much your home is worth.
Free House Value   Click here*     http://instantbizsites.com/VaughnRice/house-value

ImageShort sales can drag out giving you time. It takes maybe sometimes a month to sell the house. Then, the short sale negotiations start. They can drag out for 3-6 months. So instead of foreclosure here is what you should do.

Here is a tactic you can use to delay the foreclosure process and even stop a foreclosure sale. Stop Your Foreclosure With A Short Sale  Click here *http://instantbizsites.com/VaughnRice/stop-foreclosure

ImageDiscover how other sellers successfully completed a short sale and request a free consultation by clicking here *http://www.isellyourfloridahome.com/#!contact/c15n8

Thinking about a short sale? I can help you short sale your property and get back on your feet. Send me an e-mail atc.mrvaughn@gmail.com

I will contact you for a free consultation. Click Here *Image

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 813-679-3477 or visit at http://www.isellyourfloridahome.com/

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here *
http://www.isellyourfloridahome.com/#!contact/c15n8

Helping you sell & buy homes in Tampa, Brandon, Riverview, and Valrico. . The Tampa bay area.

Thanks for reading this, Vaughn Rice.

Vaughn is a Real Estate Agent at Quicksilver Real Estate Group.
E-mail:  c.mrvaughn@gmail.com or visit athttp://www.isellyourfloridahome.com/
Phone: 813-679-3477. Click Here*Image

One You Can Trust To Serve You

View My Office homes for sale at  http://companylistings.drshortsale.mfr.fusionmls.com/

Vaughn Rice specializes in assistance with short sales in Tamp Bay Area of Florida

Vaughn Rice, Quicksilver Real Estate Group is not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. I can offer you loan modification information.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Vaughn’s personal views and do not reflect the views of Quicksilver Real Estate Group.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here *
http://www.isellyourfloridahome.com/#!contact/c15n8

Helping you sell & buy homes in Tampa, Brandon, Riverview, and Valrico. . The Tampa bay area. E-mail:  c.mrvaughn@gmail.com or visit athttp://www.isellyourfloridahome.com/
Phone: 813-679-3477   Click Here *Image
This information on, How Soon Can I Buy Another Home After A Short Sale? Is provided as a courtesy to our viewers to help them make informed decisions.

3 thoughts on “How Soon Can I Buy Another Home After A Short Sale?

  1. A short sale is where a buyer buys your home for an amount short of (less than) the amount that you owe then bank and the bank accepts that amount to settle the loan. You only qualify for a short sale if you are late on your payments.

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